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654 East Ruddock Street Covina, CA 91723
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Key Details
Sold Price $1,625,000
Property Type Single Family Home
Listing Status Sold
Purchase Type For Sale
Square Footage 6,375 sqft
Price per Sqft $254
MLS Listing ID CV-24065005
Sold Date 05/15/24
Year Built 1962
Lot Size 8,148 Sqft
Property Description
JUST REDUCED! MOTIVATED SELLER! We are pleased to offer for sale this prime 6 unit multi-family investment nestled in the heart of the city of Covina. Priced at a 5% CAP Rate and 12.85 GRM (with about 30% upside in rental income) the subject property features a compelling unit mix of a Two-Story Townhouse with 2 Bedrooms/1.5 bathrooms, alongside five additional 2-Bedroom/1-Bathroom units. Spanning 6,375 square feet of rental space on an 8,148 square foot lot, the property has been thoughtfully designed to meet the needs of modern living. Each unit is separately metered for electricity and gas, providing ease of utility management and cost efficiency. Tenants are afforded the convenience of covered car-port parking and an onsite laundry facility, adding to the appeal of these units. Located just minutes from the vibrant "Downtown" Covina area, residents have easy access to a variety of shops, restaurants, and entertainment options, enhancing the rental attractiveness of this property. Perhaps most notably, this investment offers a significant opportunity for revenue growth, with a potential 30% upside in rental income. This combination of location, quality, and income potential makes this Covina property an enticing option for investors looking to expand their portfolio in a desirable market.
Location
State CA
County Los Angeles
Zoning CVRD2000*
Interior
Laundry Community, Inside
Exterior
Parking Features Gated
Pool None
Community Features Curbs, Gutters, Sidewalks
Building
Lot Description Lot 6500-9999, 6-10 Units/Acre
Sewer Public Sewer
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